Press Release: Major maritime insurers join ground-breaking initiative to improve cargo safety
05/09/2023Safetytech Accelerator is pleased to confirm that major UK maritime insurers, the UK P&I Club and TT Club have signed up to join its Cargo Fire & Loss Innovation Initiative (CFLII).
The Initiative, launched in February 2023, is a multi-year collaborative technology acceleration programme focused on reducing cargo fires and loss in maritime and its impact. It is already supported by Anchor Partners COSCO Shipping Lines, Evergreen Line, HMM, Lloyd’s Register, Maersk, the Offen Group, ONE and Seaspan, which represent around 50% of the total liner shipping market.
The programme will help expedite the uptake of technology and best practice by identifying specific opportunities where technology can make a difference, shaping joint requirements, identifying technology solutions, undertaking trials and developing best practices and recommendations. It has already started working on solution for early fire detection in cargo hold.
The UK P&I Club, one of the world’s leading mutual insurers of third-party liabilities for ocean-going merchant ships, and TT Club, the market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry, are the first insurers to join the Initiative, joining the significant proportion of the world’s container carriers already involved in the open-innovation initiative.
Stuart Edmonston, Loss Prevention Director at UK P&I Club, said, “We are really excited to join this initiative, to roll our sleeves up and get involved with the other Anchor Partners. Fires on board container ships keep happening, with depressing regularity, often resulting in tragic loss of life and catastrophic damage to ship and cargo. A large proportion of these fires are completely preventable, and we find that losses could have been mitigated by better practices. This is an industry-wide problem that requires collaboration. The only way to improve safety is to work together, share ideas, and identify and utilise modern technological solutions.”
Mike Yarwood, Managing Director of Loss Prevention at TT Club commented on his organisation’s commitment to safety, and prevention of cargo-initiated fires in particular: “As an insurer of many elements of the container supply chain, we have long campaigned for improved certainty for classification, declaration and packing of cargo in containers. We look forward to engaging with fellow partners to improve safety and certainty of outcome in the supply chain.”
Global Containerships Segment Director at Lloyd’s Register (LR), and Chair of the Maritime Cargo Fire and Loss Initiative, Nick Gross said, “I’m very excited to have UK P&I and TT Club join CFLII, now bringing in the insurer’s perspective to our work with the other anchor partners, to combat the risk of cargo fires and to make container shipping safer and more sustainable.”
Rich McLoughlin, CFLII Programme Director at Safetytech Accelerator, had this to say about the announcement, “We’re delighted to have both UK P&I Club and TT Club join this important initiative. We believe cross-industry collaboration around innovation is an essential component to reduce the incidence of large cargo fires and enhance the safety of seafarers and vessels. Together with the Anchor Partners we are already uncovering technologies and applications that have the potential to make significant progress to that goal.”
The Initiative has a broad technology scope, encompassing three significant topics of concern. The first relates to onboard cargo control, including whether cargo has been properly loaded, secured and monitored during transit. The second area covers onboard fire, the ability to rapidly detect fires and prevent propagation through effective onboard response, particularly on cargo vessels such as container ships and car-carriers. The third topic of concern relates to the challenges created by the increasing scale of vessels.
Shipping companies and other maritime stakeholders who would like to know more about the Initiative, together with technology companies interested in addressing the topics of concern, are invited to contact us for further information, using the form below.
Read the launch press release here and read more about the initiative here.
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About UK P&I Club
The UK P&I Club is a leading provider of P&I insurance and other services to the international shipping community. Established in 1869 the UK P&I Club insures over 250 million tonnes of owned and chartered shipping through its international offices and claims network. ‘A – /Stable’ rated by Standard & Poor’s, the UK P&I Club is renowned for its specialist skills and expertise which ensure ‘best in class’ underwriting, claims handling and loss prevention services.
The UK P&I Club is managed by Thomas Miller, an independent and international insurance, professional and investment services provider.
About TT Club
TT Club is the established market-leading independent provider of mutual insurance and related risk management services to the international transport and logistics industry. TT Club’s mission is to make the global transport and logistics industry safer, more secure and more sustainable. Founded in 1968, the Club has more than 1100 Members, spanning container owners and operators, ports and terminals, and logistics companies, working across maritime, road, rail, and air. TT Club is renowned for its high-quality service, in-depth industry knowledge and enduring Member loyalty. It retains more than 97% of its Members with a third of its entire membership having chosen to insure with the Club for 20 years or more.
About Safetytech Accelerator
Safetytech Accelerator is the first fully dedicated technology accelerator focused on advancing innovation in safety critical industries, with a mission to make the world safer and more sustainable through wider adoption of technology.
About Lloyd’s Register
Trusted maritime advisors, partnering with clients to drive performance across the ocean economy.
Lloyd’s Register (LR) is a global professional services group specialising in marine engineering and technology. We were created more than 260 years ago as the world’s first marine classification society, to improve and set standards for the safety of ships.
Today, we are a leading provider of classification and compliance services to the marine and offshore industries, helping our clients design, construct and operate their assets to accepted levels of safety and environmental compliance.
For more information, contact;
Karen Verhoog / Head of Marketing / Safetytech Accelerator / karen.verhoog@lr.org
Nicola Good, External Communications Director / Lloyd’s Register / +44 (0) 7855 113 273 / nicola.good@lr.org